Belarus Economy and Business

• GDP: US$29.6 billion (2005).
• Main exports: Machinery and equipment, mineral products, chemicals and textiles.
• Main imports: Energy, mineral products and foodstuffs.
• Main trade partners: Russia, Latvia, Ukraine, Lithuania, Poland, Germany, UK, The Netherlands and Italy.

Despite a paucity of natural resources, Belarus enjoyed a relatively high level of prosperity during the Soviet era compared to other ex-Soviet republics. However, the economy has slowed in recent years.

The main agriculture crops are sugar beet, grain and potatoes; livestock breeding is also substantial. The manufacturing industry is focused on the production of agricultural machinery vehicles and chemicals, most of which have been exported in the past. Apart from a few oil and gas deposits, Belarus has no energy reserves and relies on imports, most of which come from the Russian Federation.

Like other Soviet republics, Belarus suffered a sharp decline in output and a variety of other problems following the dissolution of the Soviet Union; this was then followed by a period of stabilisation, which took hold during the mid 1990s as the government and people adjusted to new economic circumstances. The economy recorded GDP growth of 9.2% in 2005 and inflation of 10.3%.

Reluctance to implement measures recommended by the IMF, World Bank and the EBRD (which Belarus joined in 1992) has limited access to these sources of finance. The government has since been engaged in a tentative programme of privatisation. In 2002, 200 state-owned enterprises in the Minsk area were privatised; the government has (under Russian pressure) committed itself to selling major national enterprises. 

Belarus’ trade is largely conducted with the countries of the former Soviet Union. In 2002, these accounted for two-thirds of Belarusian trade (nearly 80% of that was with Russia). Belarus has been trying to develop its trade links with the Arab world, especially Iraq and the Syrian Arab Republic, with limited results.

For business meetings, visitors should dress smartly. English is widely used in management circles and knowledge of German might also be useful. Appointments should be made well in advance and should be confirmed nearer the time. Business cards should have a Russian translation on the back. Business transactions are likely to take quite a long time.

Office hours: Mon-Fri 0900-1800.

The 3-star Hotel Yubileynaya offers conference facilities for up to 250 persons, including simultaneous translation services. This facility is operated by Belintourist (see Contact Addresses).

Belarusian Chamber of Commerce and Industry
ul Ya Kolasa 65, 220113 Minsk, Belarus
Tel: (17) 226 0473.
Website: www.cci.by

Ministry of Foreign Affairs (Information on Conferences/Conventions)
ul Lenina 19, 220030 Minsk, Belarus
Tel: (17) 227 2922.
Website: www.mfa.gov.by